An increase in ________ shifts the production function ________, and makes it possible to produce a higher level of GDP with ________ capital per hour worked
A) technology; down; the same amount of B) consumption; up; a lesser amount
C) technology; up; the same amount of D) labor productivity; down; the same amount of
C
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In the long run, what level of economic profits can a monopolistic competitor expect to receive?
A) positive B) zero C) negative D) either negative or positive, depending on the demand for its product and its costs
Which of the following is FALSE?
a. Maximizing division profits can sometimes lead to reducing company-wide profits b. Managers of profit centers are given a lot of discretion in their decision making c. Profit centers usually largely run themselves d. A manager being rewarded on division revenues has no incentive to make good decisions for his division
According to the theory of rational expectations, the government can influence output
a. with appropriate fiscal and monetary policy. b. in the short run, but not in the long run. c. without affecting the price level. d. only by making unexpected changes in aggregate demand.
In the United States saving is allocated to its most productive use by:
A. the federal, state, and local governments. B. a decentralized, market-oriented financial system. C. regulations and laws designed to improve productivity. D. the Federal Reserve.